Liu He on way to Washington to sign 'phase one'

The Uni­ted States and China have agreed to hold semi-annual talks aimed at pushing for reforms in both countries and resolving disputes the Wall Street Journal reported on Saturday. — Reuters  File

Senior Chinese officials arrived in Washington on Monday to put the finishing touches on the trade agreement, which will be signed at the White House on Wednesday.

Asian shares outside Japan advanced Monday, beginning on a positive note a week that could see the US and China sign an interim trade agreement.

Japan's Nikkei was closed for a holiday.

The agreement reached in December involved China increasing purchases of USA agricultural goods in return for reduction of tariffs on its shipments. The first round of what the Trump administration renamed the Comprehensive Economic Dialogue was held in July, 2017.

Chinese tanker owning firms and executives for transporting Iranian oil in violation of the USA sanctions on the Islamic Republic. "China Phase 1 agreement is, on balance, favorable for global growth", said Joseph Capurso, an FX strategist at CBA.

So far, no public details around the currency agreement - or the trade deal at large - have been disclosed as both countries have been working behind the scenes to complete a legal review and translation.

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The US listed China as a currency manipulator in August when it pledged to impose tariffs on American goods.

Wall Street slipped and bonds rallied on Friday when data showed U.S. nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft. "This is flawless for risky assets".

The British currency fell 0.8 per cent to as low as US$1.2962 and against the euro to 85.75 pence. Support comes in around $US1.1060 ($A1.6024), while the recent peak at $US1.1239 ($A1.6284) marks stiff resistance.

The dollar index .DXY gained 0.10% to 97.457.

He offered the latest hint at policy easing, telling the Financial Times newspaper that he would vote for a cut in interest rates later this month, barring an "imminent and significant" improvement in growth data. USD/JPY is still keeping at fresh seven-month highs around 109.90 while gold is down by 0.7% around $1,550 at the moment.

Brent crude futures were down 0.25% at $64.82 a barrel, while USA crude fell 0.15% to $58.96 a barrel.

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